Per the Federal Form 1116 Instructions - pages 21 and 22 - Individuals who completed the Qualified Dividends and Capital Gain Tax Worksheet (QDCGTW) , which I did, you MUST USE (REQUIRED TO USE) the Worksheet for Line 18 (page 21 of form instructions) to figure the amount to enter on line 18 if: 1. Line 5 of QDCGTW is > 0, and 2. meet all the other requirements listed in the IrS Instructions for form 1040, you may elect to claim a foreign tax credit directly on form 1040, line 48, without regard to the foreign tax credit limitation and without filing form 1116, Foreign Tax Credit (Individual, Estate, or Trust). this election is not available to estates or trusts. method 1 should also be used if you cannot treat any portion of your foreign dividends as qualified dividends (for example, if you did not satisfy the holding period requirement for qualified dividends). method 2: if you do not satisfy the requirements to use method 1, you are required to adjust the amount of foreign source income that is … Answer. UltraTax CS automatically calculates the alternative minimum tax version of the Form 1116 (based on the Form 6251 instructions) from information entered in Screens 1116 and 1116CO. If the alternative minimum tax amounts are different from the regular tax amounts, use the fields provided on the corresponding Screens 1116 and 1116CO. The conversion rate used on this form for the 2015 tax year is the conversion rate of 78.18% (0.7818). If you used a conversion rate on your 2015 U.S. Form 1116 other than 78.18%, replace the rate in Part 1 of this form with the rate used on your 2015 U.S. Form 1116. Line-by-Line Instructions Lines not listed are explained on the form. Complete Foreign (2015). Use The SA106(2015) Supplementary Pages To Declare Foreign Income And Gains And online with US Legal Forms. Easily fill out PDF blank, edit, and sign them. Form 1116 Instructions - See the detailed instructions for Foreign Qualified Dividends and Capital Gains (Losses) . Generally, if the foreign source income was Due date for Form 1040: April 15, 2015. Extensions: An automatic extension to June 15, 2015, is granted for taxpayers living outside the United States and Puerto Rico. No form is required; write "Taxpayer Resident Abroad" at the top of your tax return. Caution: This extension applies only for filing your tax return, not for payment. If you General Instructions Election To Claim the Foreign Tax Credit Without Filing Form 1116 You may be able to claim the foreign tax credit without filing Form 1116. By making this election, the foreign tax credit limitation won't apply to you. This election is available only if you meet all of the following conditions. Form 1116 2017. Foreign Tax Credit (Individual, Estate, or Trust) Need more time? Get an extension until October 15 in just 5 minutes. Start Now with E-File.com . You may link one Form 1116 to both taxpayer and spouse foreign activities (such as taxpayer and spouse W-2s). Category of income. When an 1116 screen generates from data in the B&D or Broker screens, this field automatically displays C Passive category income. Description of income for line 1a. When an 1116 screen generates from data in the B&D Submit this form and a copy of federal Form 1116 with Form IT-201, IT-203, or IT-205. Failure to do so will delay any refund If you are not required to file federal Form 1116, see instructions. 141002150094 Page 2 of 3 IT-112-C (2015) Part 2 - Computing your resi